I just got off the phone with a SVP at a national BPO/Appraisal company we work for.  Government agencies and national lenders are "ghost shopping" their approved appraisers.

Here is apparently how it works.

Jim the Appraiser conducts a series of valuations and they seem a little high.  Brokers are hired to do BPO's to confirm value.  If there is a pattern of pushing the value, at a minimum the appraiser looses the client. 

It has been hinted that brokers are also being used, through some national BPO compaines, to build evidence against appraisers where complaints have been filed.

I suspect this has been going on for some time, but confirmation is now in.

Richard F. Kruse is the President of Columbus, Ohio based Gryphon USA, Ltd. (www.gryphonusa.com).  The Gryphon Organization includes Gryphon Asset Management providing receivership and consulting services in the distressed marketplace, United Country Ohio Realty & Auction Group (www.ucohiorealty.com & www.ucohioauctions.com) providing real estate brokerage and auction services throughout Ohio and OnlineAuctionUSA.com (www.onlineauctionusa.com) providing commercial asset liquidations from the Midwest to East Coast. 

United Country Ohio Realty & Auction Career Opportunities Available.  Call 614-885-0020 x 17

 

5 Comments on If You Didn't Already Know....

MAR
20
2007
407,193 Points 16 Featured Posts Localism Sponsor Outside Blog
The checkers checking the checkers checking the checkers?  Sounds like a productive waste of time!
10:11am • #1
117,079 Points 9 Featured Posts Outside Blog
I hear you, but the someone created this monster and now someone is trying to harness it.
10:38am • #2
2 Featured Posts
So, is this a good thing or a bad thing?
6:07pm • #3
MAR
21
2007
117,079 Points 9 Featured Posts Outside Blog
Good for honest agents doing BPO's.  Bad for dishonest appraisers.
5:34am • #4
5 Featured Posts Outside Blog
Not so good in the long run for the consumer "IF" the lender develops this in a direction that leans towards the benefit of the lender. The financial institutions are already to powerful.
8:45am • #5

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Rich Kruse

Columbus, OH

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Gryphon USA, Ltd.

Address: 9387 S. Old State Rd., Columbus, OH , 43035

Office Phone: (614) 885-0020 x 17

Cell Phone: (614) 885-0020

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A lighthearted and informative look at the real estate and asset sale professions. The Gryphon Organization provides real estate, auction and asset management services through a variety of subsidiaries including Gryphon Asset Management and United Country Ohio Realty & Auction Group.


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